New York, USA, Aug. 09, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Blockchain Identity Management Market Analysis by Component, Vendor, Organization Size, Vertical – Global Forecast to 2027” value is poised to reach USD 17.81 billion by 2030, registering a CAGR of 56.60% throughout the forecast period (2022-2030).
Blockchain Identity Management Market Overview
The market expansion is predicted to be aided through expansion of government initiatives for the development of blockchain technology in both developed and emerging countries.
Blockchain Identity Management Market Report Scope:
| Report calculation | Details |
| Revenue forecast by 2030 | USD 17.81 billion |
| Growth rate | 56.60% CAGR |
| Foundation year | 2021 |
| Forecast year | 2022 to 2030 |
| Key suppliers | IBM (US) Civic Technologies (US) AWS (US) KYC-Chain (Hong Kong) Evernym (US) Bitfury (US) |
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Drivers
Increasing need for digitization to increase market growth
The growing need for digitization will increase market growth during the forecast period. Several industries, including consumer products, healthcare, manufacturing and retail, are embracing digitization more broadly. This industry is more vulnerable to cyber attacks due to the utilization of IT resources. Blockchain identity management solution that helps stop invasions is becoming more popular.
Lack of awareness to maintain market restriction
Lack of awareness about the benefits of blockchain technology among businesses may act as market restraints during the forecast period.
Uncertain regulatory landscape to act as market challenge
Uncertain regulatory landscape, issues with user authenticity and lack of common set of regulatory standards may act as market challenges during the forecast period.
Blockchain Identity Management Market Segments
The global blockchain identity management market is bifurcated based on vertical, organization size, vendor, and component.
By component, the blockchain identity management market is segmented into solution and software.
By supplier, infrastructure will lead the market over the forecast period.
By organizational size, medium-sized companies will dominate the market over the forecast period.
By vertical, BFSI will lead the market over the forecast period.
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Blockchain Identity Management Market Regional Analysis
North America to spearhead the Blockchain Identity Management Market
Due to its highly developed infrastructure and technological breakthroughs, North America currently retains the highest market share. The main driving force in the area is the existence of key market players offering blockchain identity management solutions. The US government made the decision to provide public services to recognize the technology’s potential and to create business applications. In terms of infrastructure development and technological adoption, North America is considered the most advanced region. The region’s significant concentration of large providers of blockchain technology services is the market’s primary driver. Governments in North America and other organizations use blockchain identity management systems.
Owing to the presence of significant market players and ongoing advancements in blockchain technology, North America accounted for the largest share of the market during 2018 and is expected to maintain this position during the forecast period. The primary factor expected to drive market expansion in this region in the coming years is also the rise in data security concerns among merchants. Owing to the increased adoption of cutting-edge technologies such as the Internet of Things and the presence of key companies in the region, North America now dominates the blockchain identity management market and its market share will continue to grow during the forecast period. period.
North America now holds an uncomfortably high share of the market and is expected to hold it throughout the forecast period as a result of the existence of significant market players and ongoing innovations in blockchain technology. Additionally, the primary element expected to drive the expansion of the market in this region during the forecast period is the rise in vendors’ concerns over data security. The market is dominated by North America, which also had the largest market share. The main reason for driving the market in this area is the significant concentration of large industry players who supply solutions. The US government has started offering public services to develop enterprise applications since they recognize the technology’s potential.
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APAC will see significant growth in the Blockchain Identity Management Market
Due to increasing venture capital funding, a large increase in the number of companies entering the market, and governments concentrating on regulating blockchain technology, APAC is expected to develop the fastest during the forecast period. There are many opportunities to adopt blockchain identity management solutions in major APAC nations including Japan, New Zealand, Australia, Singapore and Hong Kong thanks to their important financial centers and government institutions. An important aspect that increases the rate of market development is the increasing internet penetration. Due to the increasing acceptance of blockchain identity management systems on a wide scale, along with the increasing number of numerous startups in different countries, the Asia Pacific market is expected to witness the fastest growth in terms of revenue in the near future. Customer requests and growing data security concerns are the main drivers of blockchain adoption among merchants in this region.
COVID-19 analysis
Due to the widespread spread of the COVID-19 pandemic, populations around the world are greatly disrupted. With transit restrictions, shutdowns, supply chain disruptions, labor shortages and raw material shortages causing production to stop and office operations to falter, it has had a significant impact on a number of industries. Businesses choose to work from home remotely to prevent this delay caused by lockdowns and disruptions. As a result, the use of blockchain identity management technology has decreased significantly across a number of industries, including banking, healthcare, retail and others, as a result of the increase in remote work. Consequently, COVID-19 is increasing interest in blockchain identity management. In addition, a number of nations are introducing regulatory relaxations, and the global blockchain identity management market is expected to regain its dominant position soon.
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Blockchain Identity Management Market Competition Analysis
Dominant key players in the Blockchain Identity Management Market covered are:
- IBM (USA)
- Civic Technologies (USA)
- AWS (US)
- KYC Chain (Hong Kong)
- Evernym (USA)
- Bitfury (USA)
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